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President Barack Obama’s assertion in a recent speech that India “is not simply emerging but has emerged” underscores the huge potential the Indian market holds for U.S. and Western multinational companies. In the last 15 years, India has emerged to rival China as one of the world’s fastest growing economies, with a burgeoning middle class eager to buy goods and services. Although its northern neighbor outpaces India in large-scale export-focused manufacturing and attracts more foreign investment,

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